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Friday, May 11, 2012

Elliott Wave Update ~ 11 May 2012

The DJIA sports a very nice contracting running triangle so we'll have to count it that way as of the end of today. We'll see how futures turns out Sunday night.
E-minis also makes a nice bearish triangle
The Wilshire 5000 can probably said to have a barrier triangle also.  All the possible alts are shown vecause sometimes when an apparent triangle is seen, it just doesn't play that way. 

The head and shoulders neckline held again as resistance for a third time. After losing this line, the market thinks this line is important and has taken three big stabs at re-capturing it and has failed so far.  Three tries is saying something. So again, lets see what Monday brings.
SPX weekly.
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